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Chris Capre
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Chris Capre is a professional forex, index futures and commodities trader, specializing in Price Action & Ichimoku trading. Chris applies his methods to the markets both intraday and medium term swing trading, and has been trading for over 13 years. He is also the manager for a private fund... More
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Trading Price Action and Pivot Points
  • S&P 500 2 Bar Reversal Pattern | Jan 30th 0 comments
    Jan 30, 2013 10:50 PM

    Hello Traders,

    Today the S&P 500 started to show the first major cracks in the current bull run by creating a 2 Bar Reversal Pattern on the daily charts (see below)

    (click to enlarge)

    A look into the 4hr chart shows the first counter-trend impulsive move since the 17th, which suggests any attempts to rally will be met with a LH (lower high).

    (click to enlarge)

    I'll look to sell any corrective pullbacks either towards 1503 or 1510, targeting 1495 and 1487 minimally, with a potential break down to 1480, so watch for intraday price action signals on a failed rally.

    Meanwhile, the EURUSD and EURJPY are still showing signs of strength, so buying on pullbacks is suggested.

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